Greenwood2
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Post by Greenwood2 on Jul 6, 2019 13:07:08 GMT
As regular readers of this thread will know I and others have been working behind the scenes for the past year and a bit concentrating on the FCA's role in the Collateral debacle. Yesterday I received further information from the FCA that allowed me to put the following time line together. Andrew Bailey (head of the FCA) recently referred to the Col case as 'unfortunate' I would use stronger words. The FCA failed from the day that they took funds from Collateral to process a FULL Part 4A approval route. If basic checks had been made at that time it would have highlighted that Col was not eligible for IP. Without the interim to full approval route Collateral would not have been allowed to trade. Regal Pawnbrokers register entry changed to read Collateral 12/12/15. Collateral applied for full Part 4A approval 23/03/16. The FCA started the approval process 'on the basis that it held a valid interim approval'* Cols application remained at 'case assessment stage ' until they called in the administrators. The FCA knew that Col was trading for the whole period from 23/03/16 to 26/02/2018** The FCA became aware on 23/11/2017 that the interim approval that was claimed by Col was invalid. On 29/01/2018 the FCA challenged the directors of Col. On 07/02/2018 Col withdrew its part 4A application. On 12/02/2018 Col agreed to cease trading. Col continued to trade until the screens went blank on 26/02/2018. *Col was never eligible for interim approval this should have been picked up by the FCA. ** This is actually stating the obvious (but I wanted it in writing). To progress from interim to full approval you have to be trading. Col must have been really brazen to coolly go to the FCA and ask for full permission when they new full well they didn't have 'real' interim permission. They must have been very confident that they could get away with that or bluff their way through. The really interesting bit is what happened between the 23/11/17 and the 29/01/18, did the FCA give Col time to rectify their position somehow, maybe negotiate a deal to allow them to carry on trading until they got full permission? Or was it time allowed for Col to initiate an orderly wind down? Or did Col manage to put off the inevitable by trying to prove to the FCA that it didn't need permission?
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duck
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Post by duck on Jul 6, 2019 13:20:03 GMT
Col must have been really brazen to coolly go to the FCA and ask for full permission when they new full well they didn't have 'real' interim permission. They must have been very confident that they could get away with that or bluff their way through. The really interesting bit is what happened between the 23/11/17 and the 29/01/18, did the FCA give Col time to rectify their position somehow, maybe negotiate a deal to allow them to carry on trading until they got full permission? Or was it time allowed for Col to initiate an orderly wind down? Or did Col manage to put off the inevitable by trying to prove to the FCA that it didn't need permission? I haven't got to the bottom of either of those points and I don't expect to until the investigation is complete. BDO in one of their initial statements referred to a 'protracted dispute' between the FCA and Collateral, but unfortunately I have been unable to extract any information on this, this matter remains 'pending'.
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ablender
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Post by ablender on Jul 8, 2019 10:16:42 GMT
Hi All, Have not been around for a long time. Can some one please brief me on where we are with the Collateral story? Any light at the end of the tunnel that is not an approaching train?
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Post by bodroll on Jul 17, 2019 18:23:43 GMT
For info - I just received a reply from my MP with an attached Treasury Committee response dated April!
(response extract)- ''The committee has received a lot of correspondence about Collateral and the accuracy of the FCA register in general. The Committee has received correspondence from the FCA on the accuracy of the register recently. The Committee raised the issue of the accuracy of the register again with the FCA during its recent evidence session. You can find a copy of the transcript on our website. Your constituent's experience together with the others we have received will be used to assist the Committee in its scrutiny of the FCA going forward.''
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duck
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Post by duck on Jul 24, 2019 9:57:59 GMT
This post may appear random but I can assure you it is not, all part of the 'behind the scenes' work.
Are there any Col investors in the Birmingham Hall Green parliamentary constituency who are willing to give us some help?
If you are in that constituency and are willing to assist could you PM me please. Thanks.
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duck
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Post by duck on Aug 8, 2019 5:00:17 GMT
Thanks to star dust for highlighting the release of FOI's, I wasn't expecting that whilst the investigation was progressing. What I note is that the FCA does not appear to be publishing the FOI's in the order that they were submitted/answered. The good news is that since they have been published they are in 'the public domain' so the contents can be discussed openly. The other thing I note is that 'the investigation' is only mentioned in one response (6216). If I was cynical by nature I would suspect 'selective publishing'. FWIW there are a lot more FOI's awaiting publication so it is worth keeping an eye open on the log. As more are published a fuller picture will be available for all to see.
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squid
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Post by squid on Aug 8, 2019 7:21:12 GMT
Thank you duck for your excellent work here. Please lets do all we can to ensure that the right outcome is achieved.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 8, 2019 13:13:33 GMT
Thanks to star dust for highlighting the release of FOI's, I wasn't expecting that whilst the investigation was progressing. What I note is that the FCA does not appear to be publishing the FOI's in the order that they were submitted/answered. The good news is that since they have been published they are in 'the public domain' so the contents can be discussed openly. The other thing I note is that 'the investigation' is only mentioned in one response (6216). If I was cynical by nature I would suspect 'selective publishing'. FWIW there are a lot more FOI's awaiting publication so it is worth keeping an eye open on the log. As more are published a fuller picture will be available for all to see. And, Dear Readers, DO YOUR BIT, if you want a decent shot at getting your money back. Never forget, w e are 100% in the right here!SO, at least write to your MP and to The FCA with Complaints. (Coherent letters please, presenting facts regarding The FCA created Collateral Mess Administration Liquidation.)
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duck
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Post by duck on Sept 24, 2019 16:23:13 GMT
To save star dust from having to check, I have just noticed that the FCA have again updated the disclosure log but the FCA have failed to add any Col FOI's this time Whilst this is disappointing a quick check of my spreadsheet suggests that 'the investigation' is getting in the way of publishing what information has been given.
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ozboy
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Post by ozboy on Sept 24, 2019 16:45:36 GMT
If one or more people "swing" as a result of "The Investigation/s", I wonder if Bailey & Co will crow about it, pat themselves on the back for a job well done, and move swiftly on to the next fiasco that the FCA caused?
Of course, any prosecutions have nothing whatsoever to do with the debacle and the FCA's initial gross negligence and culpability in directly creating it!
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duck
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Post by duck on Sept 24, 2019 16:59:38 GMT
If one or more people "swing" as a result of "The Investigation/s", I wonder if Bailey & Co will crow about it, pat themselves on the back for a job well done, and move swiftly on to the next fiasco that the FCA caused? Of course, any prosecutions have nothing whatsoever to do with the debacle and the FCA's initial gross negligence and culpability in directly creating it!
Mr Bailey will not be able to get away with that if I have anything to do with it (doesn't mean that the tactic won't be tried). Good point well made, whilst 'the investigation' is a thorn in my side things have moved on as the letter lays out.
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duck
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Post by duck on Nov 7, 2019 17:04:16 GMT
Bit of a 'non post' this one but I wanted to save star dust some time and effort. The FCA's disclosure log was updated yesterday but they have not released any more related to Col that I may (or may not) know they are sitting on
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duck
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Post by duck on Nov 8, 2019 7:52:48 GMT
For those following this saga this ruling by the Complaints Commissioner will be of interest (not one of mine). Understandably the complaint failed due to the deferment of the main complaint and the Administration does not come under the FCAs remit (their extent of responsibility ceased when BDO was appointed) Note, having read a lot of the Complaints Commissioners reports (not just those related to Col) I can only say he has done a good job since he took up the position ............ so don't slag him off.
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neeps
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Post by neeps on Nov 8, 2019 13:57:13 GMT
For those following this saga this ruling by the Complaints Commissioner will be of interest (not one of mine). Understandably the complaint failed due to the deferment of the main complaint and the Administration does not come under the FCAs remit (their extent of responsibility ceased when BDO was appointed) Note, having read a lot of the Complaints Commissioners reports (not just those related to Col) I can only say he has done a good job since he took up the position ............ so don't slag him off. I'd love to know just how much 'continuing enforcement action/continuing regulatory action' is really going on. It's easy for the FCA to hide behind an investigation but, considering the size of Collateral and the number of people running it, how bloody hard can it be. How many people have they got dedicated to this or is it just sitting in someone's IN tray?? Thanks though duck, it's an interesting read.....
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duck
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Post by duck on Nov 8, 2019 14:31:49 GMT
... How many people have they got dedicated to this or is it just sitting in someone's IN tray?? According to the recent letter "We want to assure your constituent that our investigation is fully resourced, and that we are focused on finding out what happened." I will resist saying any more.
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